The KKR and Mirastar funds set up a last-mile logistics warehouse in Barcelona. Renta Corporación will be in charge of the development, which will require an investment of 13 million euros.
The last-mile logistics asset has an area of 10,000 square meters, in the town of Ripollet. It is scheduled to be completed in the third quarter of 2023. It will have the BREEAM Excellent certificate.
Savills Aguirre Newman has advised both parties, in addition to Garrigues and Nova Ambiente, which supported Mirastar.
Anthony Butler, CIO and co-founder of Mirastar, explains: “Mirastar has been committed to investing and developing in Spain since its launch. We look forward to completing this well-positioned scheme, with strong ESG credentials, in a supply-constrained submarket and adding it to our strong portfolio of opportunities."
KKR Real Estate Director EMEA Diederik Schol adds: “We are delighted to have been able to expand the platform in Spain while continuing to invest in quality logistics assets across Europe. This acquisition is a high-quality last-mile asset in a depleted market, and fits perfectly with our strategy of working with the best local developers."
Luis Guardia, director of commercial assets at Renta Corporación, concludes: “From a logistical point of view, the asset is very well located, which allows an efficient connection between the hub and the rest of Spain and Europe. In recent years, the Barcelona metropolitan area has become an attractive market for logistics land due to high demand, low supply and high occupancy rates. For Renta Corporación, this is a new commitment to the logistics sector, in which important operations have been carried out in recent years”.